Greenlight Capital Re Q2 2020 Earnings Report
Key Takeaways
Greenlight Capital Re reported a net loss of $0.1 million for the second quarter of 2020, compared to a net income of $15.3 million in the same quarter of the previous year. The fully diluted book value per share increased to $11.81, driven by share repurchases during the quarter. The company's underwriting operations experienced a loss, impacted by COVID-19 related losses, while investment income provided a positive contribution.
Net loss of $0.1 million, or $0.00 per share, compared to net income of $15.3 million, or $0.42 per share, in Q2 2019.
Fully diluted book value per share increased by 1.5% to $11.81, reflecting share repurchases.
Gross written premiums decreased to $116.7 million due to the non-renewal of certain auto business.
Net underwriting loss of $1.3 million, impacted by a $6.0 million loss related to the COVID-19 pandemic.
Greenlight Capital Re
Greenlight Capital Re
Forward Guidance
Greenlight Re is well positioned to take advantage of broad pricing increases that we are seeing across multiple lines of business.